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Price Signal Summary - EURUSD Tests Key Resistance

OUTLOOK
  • In FX, the EURUSD maintains a firmer tone following Friday’s rally. The pair has tested resistance at 1.0094, Oct 27 high and a bull trigger. A break of this hurdle would strengthen a bullish case and again highlight the bullish significance of the recent bear channel breakout. A continuation higher would open 1.0198, the Sep 12 high. Initial support is at 0.9923, the 50-day EMA.
  • A bullish theme remains intact in GBPUSD and price has traded above the 20- and 50-day EMAs - a positive development. Attention is on the key resistance and the bull trigger at 1.1645, the Oct 27 high. Clearance of this level would strengthen a bullish case and confirm a resumption of the uptrend that started Sep 26. Initial firm support is at 1.1150, the Nov 4 low.
  • USDJPY still appears vulnerable and continues to trade below resistance at 149.71, the Oct 24 high. Attention is on the 50-day EMA at 144.84 - a key support. Clearance of this EMA would signal scope for a deeper pullback. On the upside, a break of 149.71 would be seen as a bullish development and this would expose the bull trigger at 151.95, Oct 21 high.

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